We recently published a list of 12 AI Stocks Making Waves on Wall Street Today. In this article, we are going to take a look at where Advanced Micro Devices, Inc. (NASDAQ:AMD) stands against other AI stocks that are making waves on Wall Street today.

The United States recently issued guidance threatening companies not to use advanced computer chips from China, including Huawei’s Ascend AI chips. However, China has now urged the country to “immediately correct its wrongdoings” and stop “discriminatory” measures against it.

A spokesperson for China’s Ministry of Commerce has said that the United States has abused its export control measures. He said that the country has imposed stricter restrictions on Chinese chip products based on unfounded allegations, further explaining how the said restrictions contain discriminatory measures and tend to distort the market.

The U.S. Commerce Department had issued the guidance last week, with its Bureau of Industry and Security stating that “these chips were likely developed or produced in violation of U.S. export controls.”

“The U.S. has been abusing export control measures, imposing stricter restrictions on Chinese chip products under unfounded accusations… China firmly opposes this… Trying to trip others won’t make oneself run faster.”

Opposing the unilateral bullying from the US’s end, the Chinese spokesperson said that the restrictions have infringed upon the legitimate rights and interests of Chinese companies. The country has been accused of undermining the preliminary trade agreement reached in Geneva, Switzerland.

The spokesperson further urged the country to work with China to jointly safeguard the consensus concluded in the Geneva talks.

“If the United States continues to cause China substantive harm, China will take resolute measures to safeguard its legitimate rights and interests.”

For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds. The hedge fund data is as of Q4 2024.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points  (see more details here).Wells Fargo Backs Advanced Micro Devices Inc. (AMD) After ZT Sale, Eyes AI Future

A close up of a complex looking PCB board with several intergrated semiconductor parts.

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Advanced Micro Devices, Inc. (NASDAQ:AMD)

Number of Hedge Fund Holders: 96

Advanced Micro Devices, Inc. (NASDAQ:AMD) develops and sells semiconductors, processors, and GPUs for data centers, gaming, AI, and embedded applications. One of the most notable analyst calls on Tuesday, May 20, was for Advanced Micro Devices, Inc. Wells Fargo analyst Aaron Rakers reiterated an “Overweight” rating on the stock with a $120.00 price target.

The rating update highlights AMD’s recent sale of ZT Systems’ manufacturing operations to Sanmina for approximately $3.0 billion. The sale has been slightly below the firm’s expectations of $3.5 billion. Meanwhile, AMD had bought ZT Systems earlier this year for about $4.6 billion. AMD has also entered into a strategic partnership with Sanmina to support new product introductions related to AMD’s cloud rack and cluster-scale AI solutions.

The company is particularly focusing on rack-scale offerings with the Instinct MI400-series GPUs, which are expected to arrive in the second half of 2026. According to industry reports, the company may unveil an MI450 IF128 cluster, enabling communication at rates greater than 1.8TB/s unidirectional bandwidth per GPU package. More information is awaited at the upcoming AI event on June 12. The analyst also highlighted Nvidia’s recent NVLink Fusion launch, an innovation that tends to open up the NVLink ecosystem for integration with hyperscale semi-custom silicon and CPUs.

Overall, AMD ranks 7th on our list of AI stocks that are making waves on Wall Street today. While we acknowledge the potential of AMD as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk.  If you are looking for an AI stock that is more promising than AMD and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.

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